5 Pivotal Ways Internal Audit Will Transform In Next Decade : Part 2

Continuing our discussion on the top 5 ways Internal Audit will be leveraged in next decade, today we will discuss about the Automation of Internal Audit Processes using Emerging Technologies.

This year IIA will be celebrating it’s 75th year of Establishment, and so it becomes even more relevant to gain insights on the dynamic changes brought by Emerging technologies that are going to leverage IA functions. Our Chairman Bhavesh Bhagat sits on the Emerging Technologies board of ISACA and is going to share his expertise through a Plenary discussion at the IIA International Conference 2016, NY on 19th of July 2016. To participate in this exciting discussion, you can register at

http://www.confidentgovernance.com/newsandevents-3/events/173-july-19-iia-international-conference-2016.html

Internal Audit Processes Automation using Emerging Technologies

Mobility

Globalization of Businesses and rapidly changing Business conditions are creating demand for Technology-enabled Auditing (TEA) . It ensures Effective functioning of the Controls and Efficient mitigation of Risks. Apart from this TEA plays a pivotal role in allowing continuous Auditing that tracks anomalies and unusual trends in every step of the Auditing process, right from the initial development of the Risk-based annual Audit plan, to the Planning, Executing, Reporting and follow-up phases of individual Audits.

This implies that Internal Audit team will have to spend less time extracting and formatting data thereby increasing it’s efficiency on vital areas like finding patterns and anomalies. Automation will also enable Auditors  to work with the C-suite and gather additional Audit support, mitigate Risks and develop a Risk-based approach to the overall Audit plan. Internal Audit’s  use of automated Transaction and Controls monitoring will also create an opportunity for Auditors to evaluate Audit Management Solutions.

Give us your feedback on these insights at info@confidentgovernance.com and we can take up this dialogue further. In our next post, we will discuss about the third very important aspect of the Modern Internal Audit. Stay tuned and participate..!!

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